10 • Points are awarded as follows: Spread Ratio Ranges Points Awarded ATWS Ratio ≤ 50% of SG 125 50% < ATWS Ratio ≤ 57.5% of SG 100 57.5% < ATWS Ratio ≤ 65% of SG 75 65% < ATWS Ratio ≤ 80% of SG 50 80% < ATWS Ratio ≤ 110% of SG 25 ATWS Ratio >110% of SG 0 • Demerit points are subtracted from the spread goal attainment score based on the number of spread goal exceptions or the average duration of the spread goal exceptions. A total of 25 demerit points is deducted for violation of either limit. 2. Participation • Participation measures the degree to which a Market Maker is trading actively in its securities of responsibility to improve its trading liquidity for the benefit of the marketplace. A higher score is achieved when Market Maker participation is relatively high as compared to the average Market Maker’s participation within the associated security tier classification (based on value traded). The calculation excludes block trades and crosses in which the Market Maker did not participate. • Participation Ratio (“PR”) = Market Maker value traded/total value traded PR Ratio Ranges Points Awarded PR stock ≥ 125% of PR tier avg 100 75% ≤ PR stock < 125% of PR tier avg 75 50% ≤ PR stock < 75% of PR tier avg 50 25% ≤ PR stock < 50% of PR tier avg 25 PR stock < 25% of PR tier avg 0 3. Liquidity Ratio • Liquidity measures the proportion of trading that occurs within the spread goal. Market Makers achieve a higher score when a higher proportion of value traded is conducted within the spread goal. • Liquidity Ratio (“LR”) = value traded within the spread goal/total value traded
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